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Australian (ASX) Gold Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies155
  • 7D1.4%
  • 3M14.5%
  • 1Y109.1%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 1.4%, driven by gains from Greatland Resources of 9.1%. This means that the industry has gained 109% over the past year. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026AU$165.2bAU$26.4bAU$4.6b26.4x36.1x6.3x
Tue, 09 Dec 2025AU$148.8bAU$26.4bAU$4.6b25.1x32.6x5.6x
Thu, 06 Nov 2025AU$134.9bAU$26.4bAU$4.6b23.3x29.4x5.1x
Sat, 04 Oct 2025AU$143.8bAU$26.4bAU$4.6b22.8x31.4x5.5x
Mon, 01 Sep 2025AU$113.1bAU$26.8bAU$4.8b17.6x23.4x4.2x
Wed, 30 Jul 2025AU$95.7bAU$22.4bAU$3.1b15.5x30.6x4.3x
Fri, 27 Jun 2025AU$102.3bAU$22.3bAU$3.1b18.6x33x4.6x
Sun, 25 May 2025AU$104.4bAU$22.3bAU$3.1b18.8x33.8x4.7x
Tue, 22 Apr 2025AU$99.2bAU$22.1bAU$3.0b19.6x32.6x4.5x
Thu, 20 Mar 2025AU$82.5bAU$22.1bAU$3.0b17.8x27.2x3.7x
Sat, 15 Feb 2025AU$79.9bAU$20.1bAU$2.3b21.5x34x4x
Mon, 13 Jan 2025AU$74.6bAU$18.7bAU$1.8b20.8x40.8x4x
Wed, 11 Dec 2024AU$76.3bAU$18.6bAU$1.8b22.9x42.2x4.1x
Fri, 08 Nov 2024AU$71.0bAU$18.4bAU$1.8b19.1x39.5x3.9x
Sun, 06 Oct 2024AU$68.1bAU$18.4bAU$1.8b21.1x38.1x3.7x
Tue, 03 Sep 2024AU$63.8bAU$18.0bAU$1.5b24.3x42.4x3.5x
Thu, 01 Aug 2024AU$59.9bAU$16.1bAU$1.1b22.6x54.9x3.7x
Sat, 29 Jun 2024AU$55.6bAU$16.0bAU$1.1b20.9x51.5x3.5x
Mon, 27 May 2024AU$58.9bAU$17.1bAU$1.2b21x49.6x3.4x
Wed, 24 Apr 2024AU$57.7bAU$17.2bAU$1.2b22.8x48x3.4x
Fri, 22 Mar 2024AU$53.6bAU$16.9bAU$1.2b18.7x44x3.2x
Sun, 18 Feb 2024AU$48.8bAU$15.6bAU$273.7m23.1x178.4x3.1x
Tue, 16 Jan 2024AU$74.5bAU$22.9bAU$1.3b23.2x55.4x3.3x
Thu, 14 Dec 2023AU$72.3bAU$22.9bAU$1.4b22.1x53.5x3.2x
Sat, 11 Nov 2023AU$70.4bAU$22.9bAU$1.4b22.1x52x3.1x
Mon, 09 Oct 2023AU$66.4bAU$23.0bAU$1.4b21.2x48.8x2.9x
Wed, 06 Sep 2023AU$69.1bAU$22.9bAU$1.5b18.8x46.5x3x
Fri, 04 Aug 2023AU$69.6bAU$22.5bAU$575.1m17.1x121x3.1x
Sun, 02 Jul 2023AU$68.6bAU$22.3bAU$558.7m17.9x122.7x3.1x
Tue, 30 May 2023AU$69.0bAU$22.5bAU$602.3m17.9x114.6x3.1x
Thu, 27 Apr 2023AU$76.4bAU$22.4bAU$585.4m18.7x130.5x3.4x
Sat, 25 Mar 2023AU$67.5bAU$22.3bAU$583.5m15.6x115.7x3x
Mon, 20 Feb 2023AU$63.1bAU$21.7bAU$1.2b18.2x54.3x2.9x
Wed, 18 Jan 2023AU$68.2bAU$20.8bAU$1.2b19.6x59.2x3.3x
Price to Earnings Ratio

59.2x


Total Market Cap: AU$68.2bTotal Earnings: AU$1.2bTotal Revenue: AU$20.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 62.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.1x which is lower than its 3-year average PE of 62.5x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 58% per year over the last three years.
  • Revenues for these companies have grown 8.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market0.16%
Materials4.41%
Metals and Mining4.36%
Gold1.42%
Aluminum5.73%
Diversified Metals and Mining5.50%
Steel5.35%
Copper3.82%
Precious Metals and Minerals1.11%
Silver-4.30%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GGP Greatland ResourcesAU$11.529.1%
+AU$646.0m		n/aPE23x
NST Northern Star ResourcesAU$24.721.2%
+AU$414.5m		49.2%PE26.4x
PDI Predictive DiscoveryAU$0.8517.1%
+AU$328.3m		249.0%PB9.8x
EVN Evolution MiningAU$12.821.1%
+AU$284.3m		147.5%PE28.1x
WAF West African ResourcesAU$3.317.8%
+AU$274.2m		106.9%PE11.5x

Latest News

NST
AU$24.72
Northern Star Resources
7D
1.2%
1Y
49.2%
FFM
AU$1.92
FireFly Metals
7D
-6.8%
1Y
97.9%
ALK
AU$1.53
Alkane Resources
7D
10.5%
1Y
190.5%
RSG
AU$1.32
Resolute Mining
7D
6.9%
1Y
218.1%

RSG: Higher Margins And Index Inclusion Will Support Future Cash Generation

Analysts have trimmed their price target on Resolute Mining slightly to 64 GBp from 65 GBp, citing updated assumptions around revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. Analyst Commentary Recent research activity around Resolute Mining has been relatively light compared with larger sector peers, but the latest price target revision still sits above the current share price.
RMS
AU$4.13
Ramelius Resources
7D
-2.4%
1Y
89.4%

RMS: Share Buyback Will Contrast With Higher Risk And Pressured Earnings Profile

Analysts have raised their price target on Ramelius Resources from A$2.60 to A$3.50, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E, which they view as better reflecting the company’s current risk and earnings profile. What's in the News The Board of Directors authorized a share buyback plan on December 10, 2025, indicating a decision to return capital to shareholders through repurchases over time (Key Developments).
WGX
AU$6.32
Westgold Resources
7D
-2.0%
1Y
140.3%

WGX: Great Fingall Ramp Up Will Support Stronger Future Margins

Analysts have nudged their price target on Westgold Resources higher to A$7.98, reflecting slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Westgold has begun mining the first virgin stopes at the Great Fingall underground mine near Cue, with initial stope grades reported at over 3 g/t Au. This marks a shift from development to production at this asset.
RRL
AU$7.55
Regis Resources
7D
-1.0%
1Y
173.6%
DTR
AU$0.28
Dateline Resources
7D
25.0%
1Y
9,066.7%
WAF
AU$3.31
West African Resources
7D
7.8%
1Y
106.9%
CMM
AU$13.82
Capricorn Metals
7D
-4.3%
1Y
104.7%

Calculating The Fair Value Of Capricorn Metals Ltd (ASX:CMM)

Dec 30
Calculating The Fair Value Of Capricorn Metals Ltd (ASX:CMM)
EVN
AU$12.82
Evolution Mining
7D
1.1%
1Y
147.5%

EVN: Premium Gold Price Assumptions Will Likely Expose Downside Risk

Analysts have raised their price target on Evolution Mining by A$2.00 to A$10.50, reflecting upgraded fair value assumptions driven by higher gold price expectations and improved forecasts for revenue growth and profit margins. Analyst Commentary The latest price target revision to A$10.50 from A$8.50 by JPMorgan underscores a constructive view on Evolution Mining, supported by a stronger gold price outlook and expectations for margin expansion.
BGL
AU$1.66
Bellevue Gold
7D
-2.4%
1Y
55.1%
GGP
AU$11.52
Greatland Resources
7D
9.1%
1Y
n/a
PDI
AU$0.85
Predictive Discovery
7D
17.1%
1Y
249.0%
AUC
AU$1.01
Ausgold
7D
-10.2%
1Y
137.6%
PNR
AU$4.99
Pantoro Gold
7D
-3.3%
1Y
179.6%